We lived the dream
- Peter Ritsdale, former Leeds Chairman.
From 1961-1975, Leeds United were a powerhouse in football. A brilliant side firing on all cylinders. A side that was seen as one of the strongest in Europe. In 1969, they won the football league championship and the FA cup in 1972. They won the league again in 1974 and got to the final of the European Championship in 1975. In the 1980s, Leeds declined but would go on to win the football league in 1992 just before the Premier League was formed. In 2001, Leeds were a present day "Chelsea" in the sense that they had a very good "young" squad and this young brilliant side reached the semi finals of the Uefa Champions League in that same year.
In 2003, Leeds suffered what would go on to become one of football's biggest "financial collapse". Leeds had borrowed too much money to buy the biggest players. "Of the drive for success, we lived the dream" was what former Chairman, Peter Ridsdale said. Leeds had to offload the star players they had borrowed money to buy.
Rio Ferdinand (signed Nov 2000, £18m; sold for £30m to Manchester United)
Robbie Keane (signed May 2001, £12m; sold for £7m)
Lee Bowyer (signed July 1996, £2.8m; sold for £100,000 to West Ham).
Robbie Fowler (signed Nov 2002, £11m; sold for £6m to Manchester City).
Jonathan Woodgate (sold for £9m to Newcastle United).
Woodgate was a part of the Leeds double winning youth side in 1996-97
Leeds were eventually relegated in 2004 with debt of over £100,000,000. A consurtium of local business men took charge of the club, settled many debts, sold more players and even sold assets of the club including their stadium, Elland Road. The stadium was in turn, rented back to Leeds. These business men couldn't handle Leeds anymore and sold the club to Ken Bates and some "anonymous investors" in January 2005. Ken Bates was the owner of Chelsea until 2003 when he sold it to Roman Abramovich. Ken Bates could also not put the club back on track as the club struggled with its wage bills.
2007, Leeds were further relegated to the League One. In the same year, Bates reduced the club's debts by placing the club into administration.
•What's Administration? It's a common term used in the UK for clubs that chose to enter it. This situation arises when they are unable to pay off outstanding debts, so it puts an exterior entity (accountants) to manage the club and its assets to ensure that all creditors are paid (other clubs, suppliers, players, staff etc.)
Leeds played in the League One for three years before gaining promotion to the Championship in 2010. In 2012, Bates sold the club to the Gulf Finance House and in 2014, the Finance House sold the club to an Italian American Investor, Massimo Cellino who was convicted of Tax Fraud. In 2 years of ownership, Massimo sacked 6 managers at the club.
In January 2017, Cellino's compatriot Andrea Radrizzani bought a majority stake in the club for £45,000,000. Then in May, Radrizzani announced the 100% buyout of Leeds United, buying the remaining 50% shares from previous co-owner Massimo Cellino , with Radrizzani taking full ownership of the club.
Andrea Radrizzani
About a month later, Radrizzani appointed Thomas Christiansen as the new head coach of the club saying " he wanted to bring back the winning culture at Leeds". Thomas would later be be dismissed after a poor run of form.
On 28 June 2017, Radrizzani completed the purchase of Elland Road, making the stadium property of Leeds United for the first time since 2004.
The turning point for Leeds was probably in June 2015 when the manager that would eventually lead them back to the Premier League was given the job. Marcelo Bielsla will forever be remembered in the hearts of many Leeds' fans, a coach with a deviant tactical approach to the game.
In the summer of 2020, Leeds were back in the Premier League, a competition they used to to belong to until the great financial depression.
From the local business men to Ken Bates to the Gulf Finance House, then to Massimo Cellino, none could revive Leeds United.
Andrea Radrizzani has indeed proven to be the saviour.
Leeds celebrate promotion to the Premier League, 2020
